The last thing in any buyer’s mind is to lose their money through fraud. We unfortunately live in times where people are too lazy to make genuine money out of their own sweat . They trick other people out of their hard earned money for a living. It is sad to see hundreds of fraud cases being reported each year in relation to the real estate industry. As more of these con artists are caught, the master minds change their tricks, making new moves that might be undetectable to buyers.
Some victims are those that are too embarrassed to have fallen into the hands of fraudsters;something they never thought could happen. They hence end up not reporting these cases to the police,making it hard for the police to catch up with the offenders. This then gives the scammers chances to victimize more unwitting kenyans.
While there are the obvious ways to identify a fraud in the real estate market, some will need the intervention of a professional real estate agent Like Kenneth ikiara (0784448888) or a lawyer to identify them. For example, some of the bold fraudsters who hide their dubious intentions by operating under a group of legitimate businesses. Some will even invest just to legalize their actions to the world.
Last year, the CEO of the Gakuyo real estate took it to the radio stations and televisions for his business to be advertised, reaching thousands of people. Later, everyone was in shock as the same platforms aired the news on the fraud activities of the company. This is one of the new techniques the scammers are using. Property shows, television advertising and billboards are the new trick. As media companies do not have standard regulations to identify fraudsters, some of these companies end up leading buyers to their misery. Anyway, who would risk losing money in this hard economy to protect ignorant people?
If you thought that kenyans will soon stop losing money through scammers then you better stop dreaming. With unwillingness from us to learn from the past, the con artists will continue making their pockets fat. It doesn’t hurt to learn.Yes fraudsters have increased their knowledge on deceit but in most cases,use of common sense will alert you of a red flag.
When the deal is too good, think twice. Most home buyers purchase homes basing their decision on a promise of great investment return. Why not ask yourself questions before letting greed get the best of you? someone who promises you great yields in a time when the real estate market is diving through the effects of the Covid-19 pandemic must be a prophet. Red flag,run! When someone presents you a too good deal, care to know the details.
So where is this property located? How many successful projects has the developer done in the past? What are the names of the previous projects? Can I get a construction permit from a government office?
You should never shy away from asking questions when looking for an investment property. There is nothing like too many questions here. Ask till you are certain of the company’s legitimacy. If a person is not comfortable answering your questions,then that’s a red flag.Go as deep as doing research on the company. What is their reputation status? Visit the location of the property and do due diligence. You can even ask neighbours questions about the property
If this is overwhelming for you,it would be better to invest somewhere else where investment security is 100% ascertain. It is better getting a low investment return than losing all your savings chasing a dream that never was. We must stop making blind decisions in hope for green pastures!